The biometrics system market is estimated to be worth USD 16.80 billion by 2018 and is expected to reach USD 41.80 billion by 2023, at a CAGR of 19.99% between 2018 and 2023.

Major drivers for the growth of the market are the increasing number of government initiatives to adopt biometrics; growing need for surveillance and security owing to threats of terrorist attacks; proliferation of biometric technology in application such as financial institutes, healthcare, and automotive.

Of all the major applications of biometrics systems, travel and immigration held the largest share of the biometrics system market in 2017. The increasing demand for biometrics systems in travel and immigration applications is attributed to the growing need for security across border-crossing points (BCP) as well as to the elevating implementation of biometrics system owing to increasing travel and tourism activities across BCP.

Contact functionality-based biometrics systems held the largest market share in 2017. Contact-based biometrics systems, especially fingerprint recognition systems, have been in the market for a longer period than the other 2 types. The widespread adoption and growing implementation of fingerprint recognition systems are driving the market for contact-based functionality.

Among the multifactor authentication in biometrics systems, pin with biometrics held the largest share in the biometrics system market. The systems based on both biometrics and PIN are cost-effective and use a secure method for authentication compared with other multifactor authentication systems.

The biometrics system market in RoW is expected to grow rapidly between 2018 and 2023. The market in RoW is further segmented into South America, and the Middle East and Africa, which hold a significant growth potential for the market.

In the Middle East, there is a considerable rate of adoption of biometrics in sectors such as travel and immigration, and banking and finance. The increasing travel and tourism activities, rapid airport expansion, and the government support to automate the border-crossing process across all port facilities are the major factors fueling the growth of the biometrics system market in the Middle East.

The key restraining factor for this market is the high deployment cost. Additionally, the threat of privacy and data breach is a major challenge for the market.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights4.1 Attractive Opportunities in Biometrics System Market (2018-2023)4.2 Face Recognition Market for Security, By Application Type4.3 Contact-Based System Market, By Application4.4 Market for Travel & Immigration for Single-Factor Authentication, By Type4.5 Market in APAC, By Application4.6 North American Biometrics System Market, By Country